¹ AJD on claim acquisition: The cesión de crédito hipotecario requires a public deed and registration in the land registry (Art. 149 LH). AJD cuota gradual applies — in the Balearics 1.5 % on the claim nominal at the time of transfer. Notary and registry fees estimated at €4,000–5,000.

² Adjudication: The eligible claim (nominal at transfer date plus statutory default interest accrued until auction) fully covers the minimum bid. No additional cash required for adjudication.

³ ITP on adjudication: Since Law 11/2021, the tax base is the higher of: adjudication price or cadastral reference value. In the example calculated with adjudication = minimum bid (€120,000); with higher reference value the ITP increases accordingly. ITP rate Balearics: 8 % up to €400,000, progressive up to 13 %.

Note: Bid-to-Own and Cash-Flow are mutually exclusive scenarios. The outcome is determined at the auction itself.